Manage your Trust Accounting with Banana
Banana Accounting allows you to manage all key aspects of a trust's accounting in one place: assets and investments, income and expenses, capital and reserves, beneficiary accounts and distributions, while keeping income and capital transactions clearly separated.
You always have an up-to-date balance sheet and income statement, and can customize the chart of accounts to reflect the specific structure and requirements of each trust.
Trust accounting records how a trustee manages money, investments and other assets held for the benefit of beneficiaries. Unlike ordinary business accounting, it requires a structure that distinguishes capital (principal) from income and clearly tracks distributions to beneficiaries. For example, a property held in a trust forms part of its capital, while the rent it generates is income; different beneficiaries may have different rights to each.
With Banana Accounting Plus, you can start from a dedicated template, customise the chart of accounts to suit the trust’s needs, and generate a balance sheet and income statement while keeping income and capital transactions clearly separated.
- Double-Entry Accounting for Trust
For managing a trust in a single currency, with a predefined chart of accounts covering assets, investments, income and expenses, capital and reserves, beneficiary accounts and distributions. - Multi-Currency Accounting for Trust
For trusts with bank accounts, investments or transactions in different currencies, combining the dedicated trust accounting structure with foreign-currency management.
Trust Accounting – Double-Entry with Principal and Income Tracking
In this article
Trust Accounting – Double-Entry with Principal and Income Tracking
Trust Accounting – Double-Entry with Principal and Income Tracking
Start easily and for free with a ready-to-use double-entry accounting template designed specifically for trust accounting. Manage the trust's assets and investments, income and expenses, capital and reserves, beneficiary accounts and distributions, while keeping income and capital transactions clearly separated. Get an up-to-date Balance Sheet and Income Statement and adapt the chart of accounts to the specific needs of your trust. Banana Accounting Plus works like Excel, but with built-in accounting intelligence that helps you work more efficiently and avoid accounting errors.
Open in Banana WebApp
Run Banana Accounting Plus on your browser without any installation. Customize the template, enter the transactions and save the file on your computer.
Open template in WebAppTemplate documentation
This template is designed to manage trust accounting using double-entry bookkeeping, including assets, investments, income, expenses, and distributions to beneficiaries.
Its main feature is the use of accounting segments to separate Principal and Income. Transactions can be assigned to the Principal segment or the Income segment, allowing users to generate financial reports that show each component separately, while maintaining a unified chart of accounts.
To view the financial statements with separate columns for Principal and Income, use the Enhanced Balance Sheet with Groups command and enable the Subdivision by Segments option.
This is an experimental template. We invite users to try it and explore whether using segments to separate Principal and Income provides a practical and effective solution for trust accounting.
If this approach proves successful, we believe that Banana Accounting could become a highly effective and competitive solution for trust accounting, combining the flexibility of double-entry bookkeeping with a simple and efficient way to manage Principal and Income separately.
Your experience and feedback will help us evaluate the usefulness of this approach and identify possible improvements.
If you need to manage securities, see also: Banana Investment Accounting
Trust Accounting – Multi-Currency with Principal and Income Tracking
In this article
Trust Accounting – Multi-Currency with Principal and Income Tracking
Trust Accounting – Multi-Currency with Principal and Income Tracking
Start easily and for free with a ready-to-use multi-currency double-entry accounting template designed specifically for trust accounting. Manage the trust's assets and investments, income and expenses, capital and reserves, beneficiary accounts and distributions in multiple currencies, while keeping income and capital transactions clearly separated. Manage bank accounts, investments and transactions in different currencies. Get an up-to-date Balance Sheet and Income Statement and adapt the chart of accounts to the specific needs of your trust. Banana Accounting Plus works like Excel, but with built-in accounting intelligence that helps you work more efficiently and avoid accounting errors.
Open in Banana WebApp
Run Banana Accounting Plus on your browser without any installation. Customize the template, enter the transactions and save the file on your computer.
Open template in WebAppTemplate documentation
This template is designed to manage trust accounting using multi-currency double-entry bookkeeping, including assets, investments, income, expenses, and distributions to beneficiaries.
It is particularly suitable for trusts that hold bank accounts and investments in multiple currencies, allowing transactions to be recorded in different currencies while maintaining consolidated financial records.
Another key feature is the use of accounting segments to separate Principal and Income. Transactions can be assigned to the Principal segment or the Income segment, allowing users to generate financial reports that show each component separately.
To view the financial statements with separate columns for Principal and Income, use the Enhanced Balance Sheet with Groups command and enable the Subdivision by Segments option.
This is an experimental template. We invite users to try it and explore whether the combination of multi-currency accounting and segment-based Principal and Income separation provides a practical and effective solution for trust accounting.
If this approach proves successful, we believe that Banana Accounting could become a highly effective and competitive solution for trust accounting, particularly for trusts managing bank accounts, investments, and transactions in multiple currencies.
Your experience and feedback will help us evaluate the usefulness of this approach and identify possible improvements.
If you need to manage securities, see also: Banana Investment Accounting